Delaying cuts may work in OPEC's favor

04/21/2003
Has the Organization of Petroleum Exporting Countries done its job too well?Some key figures in the organization seem to think so, and the result is likely to be a return to official quota levels at an extraordinary meeting OPEC has scheduled, tentatively, for Apr. 24 in Vienna.Not everyone agrees with that view, however, and if OPEC does its job too well again, then oil prices could finish the year closer to $30/bbl than to $20/bbl.Fear of a glutOPEC called for the special meeting to address a steep drop in oil prices that, counterintuitively, began well before a US-led war on Iraq got under way. That's counterintuitive because the preceding surge in oil prices to almost $40/bbl had ...
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